Women are shaping the future of the luxury jewelry market in China, and it's all thanks to the rise of the "She Economy." With nearly 97% of women acting as the primary decision-makers for household purchases, the female consumer market in China has skyrocketed past ¥10 trillion. And in the first quarter of 2024 alone, women spent nearly 7% more than men in the jewelry luxury sector, according to the Aidi-esg report.
Jewelry Brands Are Betting Big on Women's Power
Brands like De Beers have been ahead of the curve. Partnering with UN Women since 2017, De Beers extended their collaboration by another five years in 2022 and significantly increased the number of women in leadership roles—from 22% to 40%. As part of De Beers' "Building Forever" commitment, the company aims to achieve gender equality in its workforce by 2030.
However, not all companies are moving at the same pace. In China, Chow Tai Fook made strides in diversity, with women making up 42% of senior management, but fell short in specific initiatives for women's empowerment beyond numbers. Similarly, Zhongjin Gold maintains 19.6% of female employees and follows standard government regulations like maternity leave, but lacks more proactive measures for gender equity.
Yuyuan Shares Takes Women’s Care to the Next Level
Yuyuan Shares is setting the standard for women's well-being in the workplace. With women making up over 54% of its workforce, Yuyuan complies with national and international labor standards and offers special perks like "Mommy Care Rooms" for new mothers. They’ve even rolled out a "Sister Love" insurance policy to support women's health and well-being, providing maternity gifts and screening programs to ensure women feel supported and valued.
ESG and Sustainability—The New Face of Timeless Jewelry
It's no longer just about diamonds being "forever"—it's about ensuring the industry is sustainable and responsible. The jewelry industry in China is catching up with the global trend of ESG (Environmental, Social, and Governance) practices, focusing on greener production and better labor policies. Though Chinese jewelry companies still have room to improve in ESG reporting, the push toward sustainability is gaining momentum. With increased focus on ESG in the jewelry industry, the future of luxury will not only sparkle with beauty but also with responsibility.
The Future Is Female—And Sustainable
The rise of the "She Economy" is redefining the jewelry market. Women are demanding more than just beautiful gems—they want ethical practices, sustainability, and empowerment. As brands catch on, the jewelry industry is on the brink of a new era—one where timeless beauty meets the power of positive change.